With no annual fee, 0% introductory APR, and a $150 sign-up bonus, it’s hard to go wrong with the BankAmericard Cash Rewards™ Visa Credit Card when it comes to cash back cards—particularly if you’re a Bank of America customer.
While the BankAmericard Cash Rewards™ Credit Card can maximize cash back for certain customers and spending habits, it’s not right for everybody. This review can help you decide whether it’s the card for you, or, if not, where might be a better place to look.
- 2% cash back on groceries and 3% on gas; that’s $2 for every $100 in groceries and $3 for every $100 in gas, up to a cumulative $2,500 in these categories per quarter (the rewards rate drops to 1% after $2,500)
- Extra redemption bonuses (10-75%) for Bank of America customers who receive their bonus in a Bank of America account; the more money you keep with them, the higher your bonus
- No annual fee, 0% APR for 12 billing cycles after which point the variable interest rate becomes 14.74% to 24.74%, based on creditworthiness when the account was opened
- $150 sign-up bonus when you spend $500 within 90 days of account opening
At a glance
BankAmericard Cash Rewards™ Credit Card
on Bank of America's website
- No annual fee.
- $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening.
- Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
- No changing categories and no expiration on rewards.
- 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 14.74% - 24.74% Variable APR. 3% fee (min $10) applies to balance transfers.
- Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account.
- If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%.
- The information related to BankAmericard Cash Rewards Credit Card credit card has been compiled by Credible and has not been reviewed or provided by the issuer of this card.
1% Cash Back
BankAmericard Cash Rewards™ Credit Card deep dive
As cash back cards go, the BankAmericard Cash Rewards™ Credit Card is a solid option, particularly for those who keep high-balance accounts with Bank of America, Merrill Edge, or Merrill Lynch.
Get it: If you spend up to $2,500 per quarter on groceries and gas, and you bank with Bank of America—and definitely if you hold $20,000 in your bank and investment accounts
The BankAmericard Cash Rewards™ Credit Card offers 1% cash back on all purchases, plus 2% on grocery store and wholesale club spending and 3% on gas, up to a certain amount.
Beyond the basic 1% – 3% rewards offered to all cardholders, Bank of America customers receive redemption bonuses in tiers based on cumulative account balance. This makes this card particularly attractive for Bank of America customers, as their total rewards will be even greater.
In addition, the BankAmericard Cash Rewards™ Credit Card does not have an annual fee, and offers a $150 sign-up bonus for anyone who spends $500 within the first 90 days. This means that, as long as you make your payments in full, this card will actually make you money.
Some benefits of the BankAmericard Cash Rewards™ Credit Card include:
- Cash back on everything, and even more for groceries and gas: The BankAmericard Cash Rewards™ Credit Card offers 1% cash back on all purchases, with no maximum. Purchases at grocery stores and wholesale clubs earn 2 %, while gas earns 3%, but these rewards only apply to the first $2,500 in spending at grocery stores, wholesale clubs, and on gas (combined) each quarter
- No annual fee: With this card, you can earn cash back without paying an annual fee. This means you won’t have to worry about redeeming enough cash back to make the card worth it
- Stellar rewards for Bank of America customers: All Bank of America customers are eligible for an extra 10% bonus when they redeem cash back from this card into a Bank of America checking or savings account. Bank of America Preferred Rewards clients can redeem even more: 25% for Gold, 50% for Platinum, and 75% for Platinum Honors Preferred Rewards customers. Preferred Rewards tiers are determined by your combined balance in Bank of America® banking and/or Merrill Edge®and Merrill Lynch® investment accounts
- 0% APR for 12 billing cycles: The introductory APR for BankAmericard Cash Rewards™ Credit Card applies to both purchases and to balance transfers made within 60 days of when the account is opened. After 12 cycles, a variable interest rate of 14.74% to 24.74% kicks in
- $150 online cash sign-up bonus: New cardholders can redeem a $150 online cash bonus by spending at least $500 on their new card within 90 days of opening the account
Skip it: If you bank elsewhere, consistently spend many thousands on groceries and gas each quarter, or spend more in categories like travel or entertainment
While the BankAmericard Cash Rewards™ Credit Card offers significant redemption bonuses for bank customers, this won’t benefit anyone who banks elsewhere, making the rewards associated with this card less desirable.
Further, the higher rewards rates for groceries and wholesale clubs (2%) and gas (3%) only apply for the first $2,500 in purchases each quarter. If you do a lot of driving and/or cooking, you may be spending more in these categories—and any overage will receive the standard cash back rate of 1%. Some other cash back cards do not cap bonus rewards, so if you’re a big spender in these categories, it might be worth looking elsewhere.
Somewhat counterintuitively given the above point, this card also isn’t great for those who don’t spend very much on groceries or gas, simply because they won’t have an opportunity to redeem many rewards above the base rate of 1%. Those who spend more on travel, for example, would be better off looking at travel rewards cards.
Consider these drawbacks of the BankAmericard Cash Rewards™ Credit Card:
- Extra bonuses only apply to Bank of America customers: While all cardholders can redeem cash back with this card, only Bank of America customers will receive an extra bonus when they redeem into a Bank of America account. Further, the more money you keep in Bank of America, Merrill Edge, or Merrill Lynch accounts, the bigger of a bonus you’ll get—but the perk won’t apply if you don’t want to bank here, or if you don’t keep enough money in these accounts to qualify as a Preferred Rewards customer
- Grocery and gas rewards are capped: Unlike some other cash back cards, the BankAmericard Cash Rewards™ Credit Card limits the amount of 2% and 3% cash back rewards you can redeem. Only the first $2,500 of combined grocery store, wholesale club, and gas purchases each quarter are eligible for these higher rewards amounts. After $2,500, the reward rate for these purchases drops to 1%
- Look out for extra fees: While the introductory 0% APR for balance transfers is attractive, keep in mind that these transactions are still charged a 3% fee. In addition, cash advances can cost up to an additional 5%, not to mention a hefty APR if not paid off immediately
- Not for travelers: If you’re in the market for a rewards card that helps you save on travel (and book more trips on rewards down the road), the BankAmericard Cash Rewards™ Credit Card probably isn’t your winner. Purchases made on this card outside of the United States are subject to a 3% foreign transaction fee, and there are no additional bonuses or perks for travel-related purchases. For an idea of which cards might be better-suited for travelers, compare travel rewards cards with Credible’s tool
The BankAmericard Cash Rewards™ Credit Card may be for you if you hold Bank of America, Merrill Edge, or Merrill Lynch accounts, and especially so if your accounts total more than $20,000. In addition, it’s a good card for those who spend around $2,500 on groceries and gas each quarter but will not maximize cash back rewards if you spend much more or much less than that.